NATIONAL
UPDATES:
1. The Rajya Sabha passed the Payment of Gratuity
(Amendment) bill: The bill would enhance the ceiling of
tax-free gratuity to Rs 20 lakh from existing Rs 10 lakh for employers under
the Payment of Gratuity Act. It is applicable to employees, who have completed
at least five years of continuous service in an establishment that has 10 or
more persons. The amendment to the payment of gratuity law comes in the
backdrop of Maternity Benefit (Amendment) Act, 2017 enhancing the maximum
maternity leave period to 26 weeks. The Payment of Gratuity Act, 1972 allows
for the payment of gratuity to employees in any establishment, factory, mine,
oil field, plantation, port, railways, company, or shop employing 10 or more
workers.
Need to
know: How To
Calculate Gratuity?
Amount of gratuity is directly proportional to the
tenure of service, and also to the last drawn salary. The gratuity is given at
the rate of 15 days of last drawn salary for each year of service. And the
salary that is considered for the calculation of gratuity is the last drawn
salary that includes basic pay and dearness allowance. It is typically
calculated according to this formula: Last drawn salary (basic salary plus
dearness allowance) X number of completed years of service X 15/26. According
to this formula, the time period of over six months or more is considered as
one year. This means if you have completed five years and seven months of
service, the number of years would be considered as six years
for calculation of gratuity benefit
2. The
government has launched free wi-fi service for Sansad Adarsh Gram, Udwada in
Valsad district of Gujarat: The village has been adopted by
Information and Broadcasting (I&B) Minister Smriti Irani under Sansad
Adarsh Gram Yojana. The free wi-fi service will be provided by BSNL in
partnership with QuadGen. The wi-fi service will cover nearly 90% of the
village.
3. German President Frank-Walter Steinmeier arrived in
New Delhi on 22nd March for a five-day visit to India: This is his first visit to India as the President of
Germany. Germany is India’s largest trading partner in Europe and the sixth
largest trading partner in the world. India was ranked 24th in Germany’s global
trade. Germany is the 7th largest foreign direct investor in India.
4. The
NHAI pavilion at 105th ‘Indian Science Congress- Pride of India Expo’ held at
Imphal from 16-20 March 2018 has been adjudged as “Best Design Pavilion”: The
NHAI had put up an exhibition stall to showcase its Projects and other
initiatives like Electronic Toll Collection, Wayside Amenities, Road
Safety etc. The award was conferred by Dr Najma Heptulla, Governor of Manipur.
5.
Smart
India Hackathon 2018 announced:
Ministry of Communications announced that the Smart India Hackathon 2018 –
Software edition Grand Finale is scheduled to be held on March 30-31, 2018 in
Panipat. Smart India Hackathon 2018 was launched on Oct 16, 2017, in Pune to
harnesses creativity and expertise of students. Smart India Hackathon 2018
would be the 2nd hackathon initiative in India following Smart India Hackathon
2017.
INTERNATIONAL UPDATES:
1. Myanmar’s President Htin Kyaw resigned due to ill
health: Htin Kyaw, 71, was sworn in
as Myanmar’s official president in 2016 after Suu Kyi’s National League for
Democracy party won landmark elections. He acted as a proxy for Suu Kyi, who is
constitutionally barred from holding the presidency because her children are
foreign nationals.
2.
International
Day of Forests – 21st March: The International Day of Forests was established on the 21st day of
March, by resolution of the United Nations General Assembly on November 28,
2012. The theme of the International Day of Forests in 2018 is “Forests and
Sustainable Cities”.The event marks the importance of sustaining and protecting
woodlands and trees, which are vital to economies, livelihoods and environment.
3.
India
to open 18 Missions in Africa: The Union Cabinet on 21st March has approved
the opening of 18 new Indian Missions in 18 African countries. This will
enhance India’s diplomatic outreach in the African continent and allow India to
engage with Indian diaspora in African countries. The 18 missions will be
opened over a four-year period between 2018 to 2021.
4. 22nd
March - World Water Day: The
World Water Day is observed every year on 22nd March to mark the importance of
fresh water. The first World Water Day, designated by the United Nations, was
observed in the year 1993. The theme of World Water Day, 2018 is “Nature for
Water”. The UN World Water Development Report is released each year around
World Water Day.
5. China
building world’s fastest wind tunnel: China is building the world’s fastest hypersonic wind tunnel to
develop a new generation of super-fast aeroplanes that could fly from Beijing
to New York within two hours. A wind tunnel is a tool used in aerodynamic
research to study the effects of air moving past solid objects. Engineers use
wind tunnels to test models of aircraft, automobiles and other machines.
OTHER UPDATES:
BUSINESS/ ECONOMY:
1.
MoU
signed between SBI and IMGC: SBI
and India Mortgage Guarantee Corporation (IMGC) signed a pact to offer mortgage
guarantee scheme for prospective non-salaried and self-employed home loan
customers. The offering will help increase home loan eligibility up to
15% within the regulatory norms. The applicant can avail higher finance
based on risk grade of the borrower, by opting for IMGC default guarantee
cover.
AWARDS/ HONOURS:
1. Google
Doodle honors Japanese geochemist “Katsuko
Saruhashi”: Google on 21st March honored Japanese geochemist “Katsuko
Saruhashi” on her birth anniversary with a doodle. She was one of the 1st to
study and measure the levels of carbon dioxide in seawater. She also measured
the spread and fallout from nuclear testing. She established the Saruhashi
Prize, given each year to a Japanese woman who has made contributions to the
field of natural sciences. Katsuko Saruhashi, a Japanese Geochemist, Fought For
Women's Rights, Equality. Katsuko Saruhashi was born
on 22 March, 1920 in Tokyo. Her given name, Katsuko, literally translates to
being strong-minded or victorious. She went on to graduate from the Imperial
Women's College of Science in 1943 and joined the Meteorological Research
Institute and worked in its Geochemical Laboratory. On her 98th birthday (22nd March, 2018), Google commemorated her with a
Doodle. Katsuko Saruhashi made some
of the first measurements of carbon dioxide (CO2) levels in seawater. A pioneer
in her field, Dr Saruhashi was also the first to measure radioactive material
in seawater. This was one of the scientific reasons for not conducting nuclear
bomb experiments in the Pacific Ocean.
